A journal entry is a record of a financial transaction made by a company and kept in its accounting records.
A business's transactions are tracked in a journal, which also shows the debit and credit balances. These particular entries can aid in the authentication of transactions and make it easier to determine whether they are backed by bills. In the given case, $,6000 is paid in cash while the remainder is in the account.
The Journal entry will be -
Office Equipment. Dr $31,400
To Cash A/c $6,000
To Accounts Payable $25,400
( Being office equipment purchased)
Working Notes
Accounts payable = Total amount of office equipment - Amount paid in cash
= 31,400 - 25,400
= 6000
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in order for an investment adviser to be compensated with a performance fee, all of the following must be disclosed in writing except: a that the fee arrangement may create an incentive for the adviser to make investments that are riskier b that the fee arrangement is based on both unrealized appreciation and realized capital gains c the nature and significance of any index used as a comparative measure and the reason why the adviser believes that any comparative index used is appropriate d that the fee computation can be based on periods ending no earlier than the last day of each calendar quarter
That the fee system might encourage the investment adviser to recommend riskier assets. The answer is option (a).
What is an investment adviser?Before signing an advisory agreement that includes a performance fee, the adviser must provide the following written information:
That the compensation model might encourage the adviser to recommend riskier investments.That the compensation for the investment advisor would be based on both realized and unrealized capital gains.The methodology used to value any illiquid assets utilized to calculate unrealized appreciation.The timeframes to be utilized to evaluate performance and their importance in determining the fee; andThe characteristics of any index used to compare investment performance, its importance, and the justification for the adviser's belief that the index is accep table.To know more about investment adviser, visit:
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Consider a mutual fund with $204 million in assets at the start of the year and with 12 million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $6 million. The stocks included in the fund's portfolio increase in price by 8%, but no securities are sold, and there are no capital gains distributions. The fund charges 12b-1 fees of 1.00%, which are deducted from portfolio assets at year-end. a. What is net asset value at the start and end of the year? (Enter your answers in dollars rounded to 3 decimal places.) Net Asset Value Start of the year $ End of the year b. What is the rate of return for an investor in the fund? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Rate of return %
a) The net asset value of the mutual fund at the start and end of the year is 18.36
b) The rate of return for an investor in the fund is 10.94%
How is the rate of return determined?To calculate a simple rate of return, the investment's current value is subtracted from its starting value, which is then divided by the investment's original value. It includes any change in the investment's value as well as any cash flows the investor receives as a result of the investment, such as interest payments, coupons, cash dividends, and stock dividends
Given:
a)
start NAV = asset/shares outstanding = 204/12 = 17
end NAV = asset*(1+price increase)/shares outstanding
= 204 × (1 + 0.08) / 12 = 18.36
b)
The return for investor =
(end NAV-start NAV)/start NAV × 100+dividend/shares outstanding × 100
=(18.36-17)/17 × 100+6/204 × 100
=10.94%
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On the statement of cash flows, which of the following are considered financing activities?
I. Increase in long-term debt.
II. Decrease in accounts payable.
III. Interest paid.
IV. Dividends paid.
A. I and IV only.
B. III and IV only.
C. II and III only.
D. I, III, and IV only.
E. I, II, III, and IV.
On the statement of cash flows, I. Increase in long-term debt and IV. Dividends paid are considered financing activities.
The payment of dividends is categorized as a finance activity. Interest and dividends are consistently categorized as operating, investing, or financing cash operations depending on whether they are received or paid. A financial institution often includes dividends, interest, and interest payments received in operating cash flows.
The net amount of financing a business generates during a specific time period is called cash flow from financing activities. The issuing and repayment of equities, the payment of dividends, the issuance and repaying of debt, and lease obligations are all examples of financial activity.
The balance sheet categorizes long-term debt as financing activities. This covers both payments and borrowings. A firm must consider its future possibilities when deciding whether to borrow money. A quick economic slump and high debt levels.
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I. An increase in long-term debt and IV. Dividend payments are included as financing operations on the statement of cash flows.
Dividend distribution is a type of financial activity. Depending on whether they are received or paid, interest and dividends are regularly classified as financing, investing, or operational cash operations. Operating cash flows for a financial institution may comprise dividend, interest, and interest payment receipts.
Cash flow from financing operations refers to the net amount of funding a company generates over a given time frame. Financial activity includes, among other things, the issue and repayment of equity, the payment of dividends, the issuance and repayment of debt, and leasing obligations.
Long-term debt is categorised as a financing activity on the balance sheet. Both payments and borrowings are covered by this. When considering whether to borrow money, a company must take its potential for the future into account. rapid economic decline and high debt levels.
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which two of the following are the broad categories that should be considered when analyzing the economic component in an environmental scan?
Macroeconomic conditions and consumer income are the broad categories that should be considered when analyzing the economic component in an environmental scan.
What is the definition of macroeconomics?The study of an economy's behavior and overall functioning is the main goal of the branch of economics known as macroeconomics. Inflation, unemployment, growth rate, and gross domestic product are just a few of the economic trends that are highlighted. The study of macroeconomics focuses on the functioning of economies, including shifts in the balance of payments, inflation, interest and foreign exchange rates, and variations in economic production.
Only solid monetary and fiscal policies can lead to social fairness, poverty reduction, and sustained growth. Gross domestic product (GDP), inflation, and employment statistics are the top three macroeconomic indicators. Maximizing living standards and achieving steady economic growth are macroeconomics' main objectives.
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an investment adviser would be allowed to lend money to a customer in which of the following situations? a the customer informs the adviser that he has been fired from his job and needs the funds on an emergency basis to meet his monthly living expenses until he finds a new job b the customer is an old college buddy of the adviser and is going through a nasty divorce and he needs the funds to pay for court- ordered child support
Borrowing and lending agreements between registered investment advisors (RIAs) and clients of their member companies are governed by FINRA Rule 3240.
Explain registered investment advisors?
A company that provides clients with financial advice and portfolio management services is known as a registered investment advisor (RIA). RIAs are registered with either state securities administrators or the U.S. Securities and Exchange Commission (SEC).
RIAs have a fundamental duty to always and only offer investment advice that is in their clients' best interests. This is known as having fiduciary obligations to their clients.
The SEC or any other regulator's recommendation or endorsement is not implied by an RIA's registration. It simply indicates that the financial advisor has met all criteria set forth by that organization for registration. Information such as these must be disclosed in order to register with the SEC.
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Suppose that the band playing at the rock concert at your school next weekend is playing this weekend at another school. As at your school, the concert sold out quickly, leaving many loyal fans who would still like to buy tickets. There are also some ticket holders who might be willing to sell. Some of these potential sellers can no longer go to the concert. Other ticket holders are only moderately interested in the band and would sell their tickets if the price were high enough. In the graph below, the blue demand curve (circle symbols) shows the willingness to pay for students without a ticket. The orange supply curve (square symbols) shows the reservation price for students with tickets. Use these supply and demand curves to answer the following questions. If the price of a ticket is $50, there will be __
If tickets are free (that is, the price is $0), there will be __
The equilibrium of this market is achieved when __ tickets are sold at a price of __
If the price of a ticket is $50, there will be - Oversupply . If tickets are free (that is, the price is $0), there will be - shortage of tickets.
1. If the price of a ticket is $50,
Then the supply = 40 and
demand of ticket = 20.
So, there will be an oversupply of tickets = 40 - 20
= 20 tickets.
2: There will be a shortage of tickets if they are free, or cost nothing.
The demand will be overwhelmingly high and the supply will be negative in this scenario.
3: When 30 tickets are sold at a price of $35, this market reaches equilibrium.
This equilibrium occurs at the intersection of the demand and supply curves. When the price is $35 and there is a demand for thirty tickets, these two curves come to an intersection.
What exactly is a demand-supply curve?The quantity of a particular product or service that consumers will be willing and able to purchase at each price over a given time period is depicted by the demand curve. The quantities that sellers will offer for sale at each price over the same time period are depicted by the supply curve.
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Can someone explain to me what "financial" and "capital" actually mean in a very understandable way, please? I am confused about those two... please don't copy-paste definitions from the web cos I want someone to clearly explain them to me.
"Financial" refers to anything related to money or finances. This can include things like earning and managing income, budgeting, saving and investing, and managing debt.
"Capital" specifically refers to money or assets that are used to create or produce more wealth. This can include things like money that is invested in a business, property, or other venture, with the expectation that it will generate a return on investment (ROI). In other words, capital is a form of financial resources that are invested to generate income or profit in future.
In summary, financial is a broader term that encompasses all aspects of managing money, while capital specifically refers to the money or assets that are used to generate income or profit.
orting through unsolicited e-mail and spam affects the productivity of office workers. an insight express survey monitored office workers to determine the productive time per day devoted to unsolicited e-mail and spam (usa today, november 13, 2003). 2 4 8 4
8 1 2 34
12 1 5 8
5 5 3 4
25 18 4 15
Summarize the data by constructing the following items.
Fill in the frequency (0 decimals), the relative frequency (2 decimals), the cumulative frequency (0 decimals) and the cumulative relative frequency (2 decimals) values below.
Class (Minutes) Frequency Relative Frequency Cumulative Frequency 1-5 6-10 11-15 16-20 21-25 26-30 31-34 (Total) 20 1
An Insight Express study tracked office workers to assess how much time is wasted each day on spam and unsolicited e-mail (USA Today, November 13...
What is the synonym of study?
The amount of time lost to spam and unsolicited e-mail among office workers was tracked by an Insight Express poll (USA Today, November 13... Consider, contemplate, and weigh are a few typical synonyms for research. While all of these verbs mean "to consider in order to make a judgment or choice," the term "study" connotes prolonged intentional focus and attention to details and minutiae. Analyze the plan in detail. Study is studied in the past tense. The word "studies" is used in the third person singular simple present indicative form. Studying is the present participle of the verb study.
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In a knowledge management system, a knowledge base consists of logical rules that identify data patterns and relationshipsTrue/False
A knowledge base in a knowledge management system does not consist of logical rules that identify data patterns and connections. So, this is false.
What exactly is a knowledge management system?A knowledge management system is any type of information technology system that saves and retrieves knowledge in order to increase comprehension, collaboration, and process alignment. Knowledge management systems can be found within companies or teams, but they can also be utilized to centralize your knowledge base for users or consumers. While the definition of knowledge management system is wide, it may be condensed down to the following purpose: to assist individuals in better utilising information to complete tasks. When viewed in this light, it might be reframed as a more proactive type of customer success.
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A sushi chef prepares a California roll for a customer. Which of the following factors is physical capital?
Physical capital consists of things like money, real estate, equipment, and stock. Physical capital is made up of physical, man-made items that businesses invest in or purchase and employ to manufacture things.
when a demand for products and services exceeds the supply?Scarcity is one of the core concepts of economics. It indicates that there is a gap between the supply and demand for an item or service.
What occurs when markets fail to become efficient?Government action can raise social welfare when markets are inefficient. To fulfil the objectives of society, resources should be used as effectively as feasible. The level of overall spending occasionally exceeds the economy's capacity for production.
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if a non-resident agent engages in conduct prohibited under the uniform securities act, that individual can be subpoenaed:
If a non-resident agent engages in conduct prohibited by uniform securities laws, that person may be subpoenaed in either agent's state or Administrator's State. The administrator has jurisdiction for offers entering or leaving state.
What is the purpose of the Uniform Securities Act?The Uniform Securities Act (United States) provides basic investor protections against securities fraud and supplements federal securities laws. This law applies only to securities that are not regulated by the Securities and Exchange Commission.
Which states are covered by the Uniform Securities Act?As of January 2009, the 2002 Act is in force in Georgia, Indiana, Iowa, Kansas, Maine, Hawaii, Idaho, Minnesota, South Carolina, South Dakota, Vermont, Missouri, Oklahoma, Wisconsin, and the U.S. Islands. The 2002 Law has been endorsed by following organizations: ABA (American Bar Association).
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Your manager needs to purchase a computer for the new receptionist in your department. The usual price is $1,100. The local supply company gives the facility a 13 percent reduction on all items they purchase. What price will your manager pay?
Answer: $957
Explanation:
100% - 13% = 87%
13% reduction in price = item is 87% of it's original price.
87% = 0.87
$1,100 x 0.87 = $957
examples of the types of derivatives contracts (not the underlying asset but the type of contract) include .
Futures contracts, options contracts, and credit default swaps are common types of derivatives. assets Stocks, bonds, commodities, interest rates, market indexes, and currencies.
are examples of underlying assets. Distinct types of investment risk are associated with different classes of underlying assets and their financial derivatives. Derivatives are contracts that provide the buyer or seller the right/obligation to acquire or sell a certain asset at a specific price at a specific future date. The underlying asset (also known as a commodity) of a derivative contract is the one that will be bought or sold at a later period. Futures contracts, options contracts, and credit default swaps are common types of derivatives. Aside from this, there is a large array of derivative contracts designed to fulfill the demands of a wide range of counterparties.examples of the types of derivatives contracts (not the underlying asset but the type of contract) include .
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braxton foods, inc. started using a new preservative in its products. however, it didn't include anywhere on its packaging that this preservative could cause an allergic reaction to people who are allergic to milk products. this is a violation of the consumers' right to
Answer: Braxton Foods, Inc. violated consumers' right to information and safety.
Explanation: When a company introduces a new ingredient or preservative in its products, it has a responsibility to provide clear and accurate information to consumers. In this case, Braxton Foods, Inc. failed to disclose on its packaging that the new preservative could cause an allergic reaction in individuals who are allergic to milk products. This omission violates consumers' right to information and safety.
US Consumers have 8 consumer rights with the four basic rights first declared in 1962 by US President John F. Kennedy including the two rights listed above. Later The Food Allergen Labeling and Consumer Protection Act of 2004 (FALCPA) was passed after a random sample of manufactured food products failed to include potential allergens on their labels.
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you are firing you weapon and find you cannot pull the charging handle to the rear. select the probable cause
TBS-CSW-1003c If an M240 medium machine gun stops firing, pull the action to the rear to cease cookoff and deactivate the weapon.
What does the term "activity" mean?
Action words, also known as action verbs, are verbs that directly describe what a person is doing or has just done. Your resume's bulleted action statements ought to begin with an action verb. Change up the action words you use in your resume with care. It is possible to draw a distinction between active behaviour, such as reflexes, and passive behaviour, such as immobility or scattered cognition. Physical exercise is not necessary. Making a decision or formulating a plan of action are examples of actions.
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earns $2,500 per month. he pays his mortgage, utilities, grocery and other bills and then he makes sure to set aside $100 for his savings and investment accounts before he spends money to go to movies and other personal expenses. which suggestion for obtaining the money he needs for investing is he following? Taking advantage of employer-sponsored retirement programs Participating in an elective savings program Making a special effort once or twice a year to save Taking advantage of gifts, inheritance and other windfalls Paying himself first
The suggestion for obtaining the money he needs for investing is to pay himself first.
The saying pay yourself first is frequently used in the domain of personal finance and retirement planning. The systematic transmission of a defined savings contribution from each check as soon as it is received is a second manifestation of the investor attitude. It's common to pay yourself initially when putting money aside for savings and investing.
It entails making certain that a specific amount of money is set aside for these accounts prior to paying other bills or costs. In the given case, Allen is earning $2500 per month and is using this tactic by putting $100 aside for his savings and investment accounts before he spends any money on other items.
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which of the following would be reported as an investing activity in a company's statement of cash flows?
A.Purchases of inventory such as stocks, bonds, or other marketable securities would be reported as an investing activity in a company's statement of cash flows.
This is because these investments represent the company's capital investments, which are reported on the statement of cash flows.
Investments are defined as assets bought or invested in with the goal of increasing wealth and setting aside funds from salary or capital gains. The main goal of an investment is to generate additional revenue or to make money on the investment over a certain amount of time.
Hence the options are : A. Purchasing inventory
B. Depreciation expense
C. Issuing common stock
D. Repaying a loan. So the correct option is A. Purchasing inventory
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the united states and mexico are trading partners. suppose a flue outbreak significantly decreases us tourism in mexico and causes
Suppose a flu outbreak significantly decreases U.S. tourism in Mexico and causes the Mexican economy to enter a recession. Assume that the money that would have been spent by U.S. tourists in Mexico is, instead, not spent at all.
In the late 19th and early 20th centuries, urban tourism in the United States experienced a rapid expansion. In the United States, tourism had a strong cultural and economic foundation by the 1850s. Since the 1890s, numerous tourists have visited the major American cities of New York City, Los Angeles, Chicago, Boston, Philadelphia, Washington, D.C., and San Francisco. American perceptions, social structures, and modes of transportation had significantly changed by 1915 as a result of city touring.Millions of domestic and foreign tourists use the services provided by the tourism industry annually in the United States. The United States attracts visitors from abroad to see its cities, historical sites, and entertainment centers.To know more about tourism, here
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When creating swim lanes in a SIPOC diagram, best, practices usually have teams enter data in the following order:
Select one:
a. SIPOC: suppliers, inputs, process, outputs, customer
b. POCIS: process, outputs, customer, inputs, suppliers
c. COPIS: customer, outputs, process, inputs, suppliers
d. POCSI: process, outputs, customer, suppliers, inputs.
POCIS: process, outputs, customer, inputs, suppliers is the best order while creating swimming lanes.
A SIPOC diagram shows the suppliers, inputs, process stages, products, and customers of your business. It should summarise each step for decision-makers rather than delving into extensive detail. SIPOC diagrams are most typically used to clarify or improve customer experience-related processes. Find out when to use a SIPOC diagram and how to create one with your team in just seven easy steps.
Instead than providing superfluous information, SIPOC diagrams are intended to give stakeholders a high-level process map to help in decision-making and the creation of improvement proposals. SIPOC diagrams are one tool for this kind of business process management. BPM is a technique for continually improving business processes.
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the master switches to be turned on when opening the office in the morning, and turned off when closing the office in the evening are _______.
The master switches to be turned on when opening the office in the morning, and turned off when closing the office in the evening are the central air compressor. and the vacuum unit. and the dental and radiographic units
What is Radiographic units?The international units of becquerels (Bq) and curies are used to measure the radioactivity of a substance (Ci, U.S. unit). Results for radioactivity are typically displayed in picocuries because a curie is a significant unit (pCi). The smallest unit of a curie is a picocurie. The more the number increases, the more radiation the substance emits. Units of Radiation The radiation dose and exposure are measured using a variety of units, including rad or radiation absorbed dose. the quantity of radiant energy that a specific volume of tissue has absorbed. A dose of one joule of energy per kilogram of matter, or 100 rad, is the definition of a gray (Gy), a unit of absorbed radiation.To learn more about Radiographic units refer to;
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In which of the following organizational designs is there a greater likelihood of task and personality conflicts?
A) simple structures
B) functional structures
C) project structures
D) team structures
The framework for carrying out the development activity is provided by a project structure.
What is meant by project structures?A project structure provides the framework for carrying out the development activity. Although straightforward and at a high level, it offers rules and a flow that take into account the topography of the local development landscape.
The framework helps break down a complicated project or product into more manageable parts. Teams can then have a comprehensive grasp of a product, its components, and the requirements necessary to supply those components.
In project management, there are three different types of organisational structures: functional, matrix, and projectized. The authority, functions, and obligations of the team members inside the existing organisational structure are what determine any project structure framework.
Therefore, the correct answer is option C) project structures.
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an agent and his customer wish to open a joint account by contributing $10,000 each. all of the following statements are true except the: a account must be approved by the broker-dealer in writing prior to any trading b agent and his customer can agree to share profits in the account as they see fit c agent and his customer must share profit and loss on a 50/50 basis d agreement between the agent and his customer must be documented in writing
Agent and his customer can agree to share profits in the account as they see fit. The answer is Option B.
What is a customer profit?Agents are not permitted to participate in a customer's account unless a formal agreement between the customer and the agent and approval from the broker-dealer exists. Participation must be proportionate to the capital supplied. Because each person in this situation provided half of the funds, sharing must be done equally.Customer profitability is the profit the company generates by serving a certain customer or set of customers over a given period of time. More precisely, it is the difference between the revenues generated by the customer relationship and the costs incurred during that time. The following formula is used to calculate profitability in customer profitability analysis: Total annual revenue generated x Total profit per client the full amount spent. Analyzing customer profitability can assist identify which clients are profitable.To learn more about customer profit refer to:
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Without trade, points that lie outside the production possibilities frontier are
Without trade, points that lie outside the production possibilities frontier are unattainable. This is because the production possibilities frontier represents the maximum amount of goods and services that can be produced with a given amount of resources.
Therefore, any points that lie outside the production possibilities frontier are not achievable with the given resources. In order to attain these points, a country must engage in trade with other countries in order to acquire the resources needed to produce the desired goods and services. The production possibilities frontier (PPF) is a graphical representation of the maximum amount of goods and services that can be produced with a given amount of resources. The PPF shows the different combinations of goods and services that can be produced with a given amount of resources, and the points on the PPF represent the maximum amount of goods and services that can be produced with those resources. The PPF is used to illustrate the concept of opportunity cost, which is the cost of forgoing one good or service in order to produce another. The PPF also illustrates the concept of trade-offs, which is the idea that an increase in the production of one good or service will result in a decrease in the production of another.
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Licensee Gwen and her buyer client Marcus are writing up an offer on Clayton’s property Gwen will need to use an additional provision in the offer which of the following reasons for using an additional provision apply
Licensee Gwen and her buyer client Marcus are writing up an offer on Clayton’s property Gwen will need to ask the seller to pay closing costs. This is more common in a cold market.
What is cold market?The term "cold market" describes a salesperson's potential future clients. Warm market is the opposite of a chilly market. Warm market is defined in sales and direct marketing as marketing to individuals you know, such as friends, family, referrals, or current clients.
The target or potential clients don't know you or your business. In a market, customer relationships are crucial.
It is simpler for us to support the product when we have a relationship with the customer, such as a family, friend, or relative. When we sell to these reputable individuals, there will be credibility, accountability, and security.
However, we must begin by taking baby initiatives to earn the trust of new acquaintances. For the relationship to develop, we need to put in more time and effort.
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review the chapter explanations of the income statement and the balance sheet equations. apply these equations in each of the following independent cases to compute the two missing amounts for each case. assume that it is the end of the first full year of operations for the company. (loss amounts should be indicated with a minus sign.)
By deducting the costs from the revenue in this scenario 1, the net income is determined. Consequently, there is a $400,000 profit.Since no assets or liabilities are specified in Case 2, the balance sheet equation is irrelevant.
Case 1:
Revenue = $1,000,000
Expenses = $600,000
Answer:
Net Income = $400,000
The income statement equation is:
Net Income = Revenue - Expenses
In this case, the net income is calculated by subtracting the expenses from the revenue. Therefore, the net income is $400,000.
The balance sheet equation is:
Assets = Liabilities + Equity
In this case, since the balance sheet equation does not apply since no assets or liabilities are given.
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an invoice is a form that describes the goods or services sold, the quantity and the price, and the terms of the sale. T/F
TRUE: An invoice is a document that lists the products or services sold, their cost and quantity, and the terms of the transaction.
Explain the term invoice?Often called a sales invoice, sales ticket, or sales slip, the invoice that serves as an original document for documenting a sale upon account goes by one of these names.
An accounting document known as a sales invoice is delivered by a supplier of products or services to a customer. It keeps track of the goods and services delivered, the money owing by the client, and the accepted methods of payment. Particularly for larger purchases, invoices establish legally enforceable agreements between businesses and customers. Sales invoices assist you with bookkeeping because they are legal records that track that total amount of money entering your company. Sales invoices also offer the following advantages: Tax documentation.Thus, An invoice is a document that lists the products or services sold, their cost and quantity, and the terms of the transaction.
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alarm solutions inc., a large theft protection company, has different representatives to assist business clients and individual clients. this is an example of ___ departmentalization.
Another aspect of organizational structure that is affected by the size of an organization is departmentalization.
Security management consists of nurturing a security-conscious organizational culture,developing tangible procedures to support security, and managing.A matrix structure,also called a project-management structure,sets up teams from different departments,thereby creating two or more intersecting lines of authority.It simplifies decision making and helps coordinate all activities related to a product.Job design is the determination of an individual's work-related responsibilities.The most common form is job specialization.A system should have provision for cost and price percentage analysis of each item,group of items and sales outlet. It is much more enlightening and important.
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New technology has helped advertisers to _____.
New technology has helped advertisers to target specific audiences more effectively, create more engaging and interactive ads, measure the success of campaigns, and optimize their ad budget.
Technology, or as it is sometimes referred to, the modification and manipulation of the human environment, is the application of scientific knowledge to the practical goals of human life. Along with devices (like computers), it also involves methods and procedures (like the way we produce computer chips). Although the majority of contemporary technology is electronic, this does not mean that all technology is.
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on friday, betty's grooming paid its employees a total of $2,000. this transaction would have which of the following effects on the accounting equation:
On Friday, betty's grooming paid its employees a total of $2,000. this transaction would have which of the following effects on the accounting equation: decrease cash increase wages expense
A wage is the sum of money that an employer pays an employee for work that was completed within a certain time frame. The minimum wage, prevailing wage, annual bonuses, and remunerative payments like prizes and tip payments are a few examples of wage payments.Payment by wage contrasts with salaried work, where the employer pays an agreed-upon sum at regular intervals (such as once a week or once a month) regardless of the number of hours worked, with commission, where pay is contingent on individual performance, and with compensation based on the performance of the company as a whole.To know more about wage here
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allowance for doubtful accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates that the estimated amount of uncollectible accounts should be $16,000. based on the estimate
The adjusting entries which should be made is: Debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200. The correct option is B.
What does the provision for questionable accounts' unadjusted balance mean?The initial amount plus or minus the adjustments create constitutes the allowance for doubtful accounts' unadjusted balance. The amounts recorded by the allowance method which are later recovered or receivables which have been previously written down can all be included in an adjustment.
When you credit allowance for doubtful accounts, you have to estimate what is uncollectible, and you call it bad expense. Your money is moved into a holding account to show that you may not get it. When your mind shifts and you realize you are definitely not going to receive this money, it is doubtful that you will get it. You need to take it out of your minds. To show that you are not going to receive the money, you have to remove it from the allowance for doubtful accounts and credit the accounts receivable.
So, in this case, we need to take it out of this balance as follows:
Allowance for Doubtful Accounts = uncollectible accounts – credit balance
= $16,800 – $800 = $15,200
Now, you had cleared out the allowance for delta accounts, so you would need to reconcile the expense and accounts receivable. To show that you no longer have that expense, you would need to take accounts receivable and credit bad debt expense. To show that you are no longer waiting on the money, you would need to make a second entry into the account to show that you've received cash and a credit. It is depended on whether the company needs to show their ins and outs or not, and sometimes people combine these entries and do it all in once, a debit to cash and a credit to bad debt expense for the transaction.
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Although part of your question is missing, you might be referring to this full question: Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,000. Based on the estimate above, which of the following adjusting entries should be made?
A. Debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800
B. Debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200
C. Debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800
D. Debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800